Automotive Services Provider Driven Brands Adopts $50M Share Buyback Program
Portfolio Pulse from Shivani Kumaresan
Driven Brands Holdings Inc (NASDAQ:DRVN) has authorized a share buyback program of up to $50 million of its common shares outstanding through March 31, 2025. The company plans to fund the repurchase through a combination of cash on hand, cash flow from operations, and revolving line of credit. As of July 1, 2023, Driven Brands held $212.1 million in cash and equivalents.
August 23, 2023 | 11:21 am
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POSITIVE IMPACT
Driven Brands has announced a share buyback program, which is generally seen as a positive signal by the market, indicating the company's confidence in its own stock. This could potentially lead to a short-term increase in the stock price.
Share buyback programs are often seen as a positive signal by the market, as they indicate that the company believes its stock is undervalued. This could lead to increased demand for the stock, potentially driving up the price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100